Crypto assets’ prices have recorded more volatility in recent times. The price of several crypto assets has fluctuated between spikes and drops. Bitcoin was seen moving closer from the $20K mark in this week’s beginning.
Bitcoin fell to $20K on September 2nd, closing the market at $19 9969. With little rallies, dips and losses since September 2, Bitcoin lost its hold on the $20K mark. Also, Ethereum didn’t fare too well until September 6.
Read more: The Bear Market Is Making It Hard for Investors to Make $20,000 Mark
Its price soared by 4.3% due to the Bellatrix upgrade that took place on the same day, pushing it above $1500 to $1655. But ETH wasn’t the only crypto affected by the upgrade hype. Ethereum Classic ETC felt positive market sentiment, pushing it above $40.
Ethereum Gains as Merge Approach
ETC currently trades at $41.240. This indicates more than a 19% price rise in just 24 hours. It has held steady at $32 between August 31 and September 5. Even though it experienced a short pullback to $31, the coin reached an intraday peak of $39 on September 5th.
ETC surged over 19% within 24 hours of the Bellatrix upgrade for Ethereum ETH. Trading continues throughout the day ETC continued its meteoric rise Source: ETCUSD price charts from TradingView.com, and there’s a likelihood of increased gain before the close of the market.
Are miners moving to Ethereum?
ETC will be more prominently seen by investors and miners as the Merge nears. ETC is an Ethereum proof of work network so it could become the next alternative for Ethereum miners once the upgrade has been completed.
When Ethereum goes from PoW-to proof of stake, all mining activities cease. Paris will mark the end of the wait for the much-anticipated upgrade.
The plans call for a difficulty bomb to be placed on the network in order to increase energy and computation requirements when validating transactions following the Merge. With the increased requirements, miners’ interest will wane as the activities will no longer be profitable.
That’s why some miners earlier announced plans to fork the Ethereum network. This was done to preserve the proof-of-work network and allow miners to continue mining. This plan was met with mixed reactions from the community. Some supported it, while others were critical.
What’s ETC Price Prediction?
By analyzing the current price movement for ETC, the token’s future price might become more positive contrary to what Analysts predictedFor 2022. The Ethereum Fork could also gain more momentum if miners decide to move on ETC.
Read Related Reading| ETHUSD September 6, 2022
Analysts have also stated that ETC’s hash rate will rise, resulting in a decrease of risk exposure. Remember that Ethereum’s developers upgraded to the new version in July 2016, following the hard fork. That’s why ETC has continued to rely on diverse contributors to remain relevant.
But with increased miners’ participation, more developers will join, and investors’ interest will grow. Additionally, 51% attack rates will decrease, which will lead to the network being more secure and receiving greater attention within the crypto-space.
Featured Image from Pixabay. Chart by TradinView.com